We’re still charting the key levels on the S&P 500 along with trending stocks of the day.
Let’s start today’s update with the Breadth Signal Chart and then Pinpoint Trending Stocks of the Day:
With today’s slight sell-session moving forward, we see the logical picture in Breadth.
Strength (for now) is concentrated in the Utilities sector along with Staples and Energy while the traditionally offensive/bullish sectors (like Financials, Discretionary, and Technology) are the weakest performers of the day (along with Health Care).
While not perfect, it is a confirmation of the bearish or defensive money flow of the session.
Potential bullish trend day continuation (buy retracements) stocks include the following:
Molson Coors (TAP), Altria (MO), Airgas Inc (ARG), and Allstate (ALL).
Bearish “intraday reversal” or downtrend continuity stocks include these candidates:
Facebook (FB), Netflix (NFLX), Micron (MU), and Amazon.com (AMZN).
Corey Rosenbloom, CMT
Afraid to Trade.com
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